These products include both food and supplements which helps in managing common health issues among geriatric population like chronic diseases, weight management issues, bone and joint disorders. The need for specially formulated products for elderly arises due to factors like lower appetite, impaired digestive functioning and ability to absorb essential nutrients. Rising health concerns among geriatric population along with increasing population rate has fuelled the demand for elderly nutrition products globally.
The global elderly nutrition market is estimated to be valued at US$ 29048.57 Mn in 2024 and is expected to exhibit a CAGR of 7.1% over the forecast period of 2024 to 2030.
The increasing health awareness along with improving geriatric healthcare infrastructure is positively influencing the market growth. With growing number of nuclear families and working parents, ready-to-eat nutrition products cater well for independent living of elderly.
Key Takeaways
Key players operating in the elderly nutrition market are Amcor Limited, WestRock Company, Sonoco Products Company, Sealed Air Corporation, Stora Enso Oyj, Bemis Company, Inc., MULTIVAC, WS Packaging Group, Inc., Active Packaging Ltd., and ULMA Packaging, S.Coop. These players are focusing on new product launches and innovations in packaging to expand their market share.
The key opportunities in the elderly nutrition market lie in developing economies with increasing elderly population like China and India. These regions have low penetration of nutritional products for elderly currently. With improvement in healthcare spending and awareness, Asia Pacific presents huge growth potential over the forecast period.
The leading players are focusing on global expansion by targeting developed markets in North America and Europe through mergers and acquisitions. Companies are also eyeing opportunities in Middle East and Latin America for future business expansions.
Market Drivers
The primary driver boosting the Global elderly nutrition market size is increasing health awareness among aging population worldwide. Elderly are more concerned about managing illness and chronic conditions effectively through proper nutrition. Growing lifestyle diseases and disorders specific to geriatric population like diabetes, osteoporosis etc further drives the demand.
Market Restrains
High costs of formulated elderly nutrition products remains a major restraint in penetration of market globally. Affordability is a challenge in low and middle income economies. Lack of reimbursements for such products in developing regions also hampers the market growth.
Segment Analysis
The elderly nutrition market can be segmented into oral nutritional supplements and hypodermic products. Oral nutritional supplements dominate the market owing to ease of consumption and wider acceptance. Oral nutritional supplements are available in the form of powder, liquid, capsules and mousse, with powder nutritional supplement being the most popular sub-segment as they are easy to consume and require less preparation time.
Global Analysis
Regionally, North America dominates the elderly nutrition market and is expected to continue its dominance during the forecast period of 2024 to 2030. Higher health and nutrition awareness among the elderly population along with availability of varied products drives the North America market. Asia Pacific is projected to be the fastest growing region on account of rising geriatric population, growing health consciousness and increasing spending capacity on healthcare. Factors such as evolving lifestyles, rising chronic disease prevalence and awareness about disease management support nutrition supplements are contributing to growth of markets in Asia Pacific and Latin America regions.
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